Avalon Oil & Gas, Inc., announced that the Company has over $3,000,000 in proven hydrocarbon reserves, as summarized in the Company’s Form 10-KSB filing for the year ending March 31, 2008. The 10-KSB references a commissioned reserve report of Avalon’s natural gas and oil holdings which was completed by Petroleum Consulting Services of Oklahoma. The reserve report details Avalon’s oil and gas investments and includes data on both current and future production.
Kent Rodriguez, Avalon’s CEO stated, “After reporting six consecutive quarters of revenue growth, and our spin-off of Oiltek we believe we are well on our way to showing the investment community that Avalon is a solid company with a strong asset base to support our growth projections. We are aggressively seeking to acquire working interests in oil and gas producing properties, and plan to complete the acquisition of the assets owned by Bedford Energy in Lincoln County, Oklahoma before the end of this month.”
Petroleum Consulting Services has provided reserve studies for public companies for over 32 years. The data used in the preparation of the reserve report was obtained from Avalon, Statistical Petroleum Information Services, the Texas Railroad Commission, the Arkansas Oil & Gas Commission, the Louisiana Department of Natural Resources, and the Oklahoma Corporation website.
Avalon Oil & Gas, Inc. is an oil and gas company engaged in the acquisition of producing oil and gas properties in Louisiana, Texas, Arkansas, Kansas and Oklahoma. In addition, Avalon’s technology group acquires and develops oil production enhancing technologies. Through Oiltek, Inc, Avalon’s majority-owned subsidiary, Avalon is building an asset portfolio of innovative technologies in the oil and gas industry to maximize enhancement opportunities.